Siemens Q1 Profit Down, But Raises FY Outlook

Siemens Q1 Profit Down, But Raises FY Outlook

February 9, 2023

Siemens AG (SIEGY.PK,SMAWF), a German conglomerate, reported a profit for the first quarter of fiscal year 2023 that declined about 10 percent from last year, while quarterly revenue rose about 10% from the prior year. The company raised its outlook for fiscal year 2023.

Looking ahead for fiscal year 2023, Siemens now expects profitable growth of industrial businesses to drive an increase in basic earnings per share pre PPA to a range of 8.90 euros – 9.40 euros compared to the prior outlook of 8.70 euros – 9.20 euros per share.

The company now expects annual comparable revenue growth, net of currency translation and portfolio effects, to be in the range of 7% to 10% compared to the prior estimation of 6% to 9%. The company continues to expect a book-to-bill ratio above 1.

Siemens’ first quarter net income attributable to shareholders declined to 1.48 billion euros or 1.85 euros per share from 1.64 billion euros or 2.02 euros per share in the prior year.

Earnings per share, before purchase price allocation accounting, were 2.08 euros compared to 2.24 euros in the prior year.

Revenue for the first quarter climbed about 10% to 18.07 billion euros from the prior year’s 16.50 billion euros, driven by double-digit increases at Smart Infrastructure and Digital Industries.

Orders for the quarter were 22.6 billion euros, 7% below last year, which included extraordinarily high order intake at Digital Industries and Mobility; the book-to-bill ratio was robust at 1.25.

On a comparable basis, excluding currency translation and portfolio effects, revenue rose 8% and orders declined 8%.

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